Convert bank tax cuts into compo for victims: Hanson

Financial Services Minister Kelly O’Dwyer has rejected a proposal by One Nation leader Pauline Hanson to shelve a proposed tax cut for banks and divert the revenue into a compensation fund for victims of misconduct in the financial services sector. Hanson says the fund should also be used to pay the costs of the banking royal commission and to bail out banks in the event of a financial crisis. Opposition leader Bill Shorten has also advocated a compensation fund for victims of misconduct in the banking sector.

CORPORATESAUSTRALIA. DEPT OF FINANCE, ONE NATION PARTY, AUSTRALIAN LABOR PARTY, AUSTRALIA. ROYAL COMMISSION INTO MISCONDUCT IN THE BANKING, SUPERANNUATION AND FINANCIAL SERVICES INDUSTRY